BoE's Greene (hawkish dissenter) says bigger risk is not being proactive enough in tackling inflation and not raising rates too soon

Remarks from a known hawkish dissenter sit at the tail of the MPC distribution rather than its centre, and single-member commentary of this kind has historically repriced the short sterling curve only at the margin; what has moved the path more durably is whether the dissent count at the next meeting shifts toward the dissenter's position. The distinction worth drawing is between rhetoric about inflation persistence and an actual vote pattern: Greene's framing around pre-empting second-round effects is a known formulation of the hawkish case, and on previous occasions such language from the committee's more hawkish wing has foreshadowed dissenting votes for tighter policy rather than a shift in the median. The claim that UK policy is not that restrictive is a signal about the reaction function, implying the bar to cuts is higher and the bar to hikes lower than the consensus read; markets have tended to translate that into bear flattening pressure at the front end and modest sterling support, with the effect fading quickly absent corroboration. Successive supply shocks as the stated concern is the more notable element, since a supply-driven inflation view argues for sustained restrictiveness rather than the demand-side case for eventual easing. The follow-ons are whether other MPC members adopt the same second-round framing in coming appearances and how the remarks sit against the next inflation and wage prints, which carry elevated sensitivity in a stop-start easing cycle. As commentary rather than a decision, the signal is directional.